Considering equity release in 2017? Consult mortgage broker, Deal Direct.
If you are over 55 and considering releasing equity from your home this year, don’t do anything before you consult with independent mortgage broker, Deal Direct.
This is because, although they are a popular option this year for raising a lump sum or smaller payments, they can also be complicated. Depending on the type you obtain, you could find yourself paying more than you thought, as well as your entitlement to state benefits being adversely affected. The amount you intend to leave for you family to inherit, could be impacted too.
Seeking the professional advice from one of our mortgage experts in the first place, can help you to decide whether mortgage release is right for you and, if so, which option would be the most suitable.
Briefly, the terms of the Lifetime mortgage option are:
- you can borrow up to 60% of the value of your home, depending on your age and value of the property
- you can take a lump sum or receive smaller amounts over a period of time
- interest rates are fixed or capped at an upper limit
- you should be 55 or older to apply
- you have the right to stay in the property until you move into care, full-time, or for the duration of your life
- there is a ‘no negative equity guarantee,’ which could be useful if your house falls in value
For full details and expert advice on releasing equity from your home, speak to the experts, Deal Direct.
Talk to one of our friendly advisers today on 0800 048 8828.
